Rental prices have recently reached their highest point ever recorded in many areas around the country. Rent usually fluctuates less than 1% from month to month. In May and June, rent increased by ~3% from month to month. If you currently rent and you’re concerned about the rising prices, now is a great time to consider buying a home.
Rent Is Higher Than Paying a Mortgage
Monthly mortgage rates are rising, but they’re still lower than the average rental payment. The national median monthly mortgage payment is $1,204. Median national rent, on the other hand, is $1,575.
Rent Will Continue To Rise
Rent has risen consistently since 1988. Because of this, one of the biggest advantages of homeownership is financial stability and predictability. Unlike with renting, your mortgage won’t change every year. Instead, you’re locked into your rate for many years to come.
Now Is a Great Time To Buy
With rents continuing to rise across the United States, renters should seriously consider buying a home. There are several advantages to buying now. Contact me today for more information!